CHICAGO -- Bond issuers that dictate who underwriters should hire as underwriter's counsel may have to disclose that information to investors if the counsel has given a political contribution to the issuer, a top SEC official said Friday.

"You're walking right into the question of whether it's material" information that should be disclosed to investors, Robert Colby, the Securities and Exchange Commission's deputy director of market regulation, said at a conference here on disclosure co-sponsored by Prentice Hall Law & Business and the Fordham University School of Law.

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